Partnerships & Volunteers // Puerto Rico/New York

2010/11/18

NY CU Association Brings Compliance/Legal Conference to Puerto Rico

The Credit Union Association of New York recently offered a Compliance & Legal Conference for Puerto Rico and U.S. Virgin Island credit unions in San Juan, Puerto Rico. The event was held Nov. 4 and attracted 44 attendees from credit unions, consulting firms and other cooperativas.

Michael Lanotte, the Association's general counsel and SVP of Association services, and Michael Carter, the Association's director of compliance, led the conference.

"When credit union entities come together as they did for this conference, everyone wins-especially the credit union movement," said Lanotte. "It's truly representative of the ‘people helping people' commitment credit unions have made throughout the world."

During the conference, Lanotte provided an overview of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Carter offered an update on recently passed regulations. The pair also engaged attendees in a "compliance workshop," posing several compliance scenarios and working through potential issues and solutions as a group.

The conference was offered as part of the Association's ongoing partnership with Puerto Rico and the Virgin Islands through the World Council of Credit Unions (WOCCU) international partnership program. The groups have been partnered since 2005. This conference marked the fourth collaborative event.

"The Association's partnership with Puerto Rican credit unions has been and will continue to be an active one," said Carter. "The group has a Compliance Officers Association, which I look forward to working with them to help provide up-to-date compliance information."

"It's always a pleasure to participate in an exchange such as this," said Victor Miguel Corro, senior manager, International Partnerships, WOCCU. "It reflects the true cooperative nature of our industry and shows the value in sharing resources through this partnership. I received such positive feedback from the credit unions in Puerto Rico. As they navigate the intricate web of rules and regulations, it's always great to count on the expertise and experience of the New York Credit Union Association."

The Credit Union Association of New York has served as the trade association for the state's credit unions for 93 years. New York credit unions have assets of more than $50 billion and 4.4 million members. To learn more about the Association, visit www.cuany.org.